Training for Board Directors

Directors are often appointed for their standing or their expertise in one field, then expected to oversee finance, risk, audit and people from the first meeting. Few receive any preparation, and many learn the job from whatever the previous board did.

Since the Companies Act (Act No. 7/2023) came into force, directors' duties are written into the law: to act in the company's best interests, to use the care and skill a reasonable person would, and to declare conflicts of interest. A director who has never been told what those duties mean in practice is exposed, and so is the board.

Topics We Cover

• Directors' duties under the Companies Act, and managing conflicts of interest
• Reading financial statements, management accounts and budgets
• Overseeing risk, and the roles of internal and external audit
• Appointing, appraising and paying the chief executive and senior managers
• Board papers, meeting practice, minutes and decision-making
• Governance in state-owned enterprises, including the code issued by the Privatization and Corporatization Board

Formats

We run sessions for a whole board, often as part of a board retreat, and induction programmes for directors joining a board mid-term. Open courses bring together directors from different organisations, which many find useful for comparing how other boards work.

Sessions use case studies drawn from Maldivian companies and state-owned enterprises, with names and details changed. Directors receive a short reference pack to keep, covering their duties and a checklist for reviewing board papers.